Nestle’s share price was upbeat after the company posted its results for the quarter ended March.

What Happened: The FMCG giant on Thursday reported a 27% jump in its net profit at ₹934.17 crore for the March quarter, compared to the ₹736.6 crore posted in the same quarter last year. The company’s revenue for the quarter came in at ₹5,267.5 crore, up around 9% from the year-ago period. Both the bottom and topline were above street estimates.

Total sales and Domestic sales for the quarter increased by 9.3% and 8.9%, respectively. Export sales for the quarter increased by 19.0%. EBITDA for the quarter stood at ₹1,337.7 crore, up 21.8% from the year-ago period. EBITDA margin was at 25.4%. The company also announced a dividend of ₹8.5/share.

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The company also shared its outlook on commodity prices going forward. Coffee and Cocoa are at all-time high prices and the rally is still ongoing. “Cereals and grains are going through a structural cost increase backed by MSP. Milk prices expected to rise on account of expected harsh summer,” the company said in a statement.

The FMCG major also announced a joint venture with pharma giant Dr. Reddy’s Laboratories for investing in Dr. Reddy’s Nutraceuticals Ltd. The Joint Venture will see Nestle India hold a 49% stake.

Price Action: Nestle’s share price was up 0.55% to trade at ₹2,513.80 in the mid-market hours of trading on Thursday.

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